S
SRR
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What is the name of your state? House is in MD.
My aunt has a life estate in and to the property. I am remainderman. A new deed needs to be drawn up and I don't want to use my personal name on the deed due to judgements I have. I'm afraid of liens being put on the property.
Could I put the deed in a land trust? This way I could name a "trustee" and then I would be the "beneficiary" (Or would my aunt with the life estate also be the beneficiary?) That way my personal name won't be filed on the deed, but the Trustee's name will. Is this possible with this type of situation?
Another option I heard about was forming a "Limited Partnership". Our corp. could be the "general partner" owning only 1% and responsible for all debt, and myself and husband could be the "limited partners". So the name of the limited partnership would be on the deed. This too they say limits someone putting a lien on the property.
Which is better and more effective? Also, if someone was to sue a "trustee" if we did a land trust, could our property have a lien put on it even though the trustee really didn't own it and the debt wasn't ours?
Thanks and I hope it's the right forum since this is about a life estate.
My aunt has a life estate in and to the property. I am remainderman. A new deed needs to be drawn up and I don't want to use my personal name on the deed due to judgements I have. I'm afraid of liens being put on the property.
Could I put the deed in a land trust? This way I could name a "trustee" and then I would be the "beneficiary" (Or would my aunt with the life estate also be the beneficiary?) That way my personal name won't be filed on the deed, but the Trustee's name will. Is this possible with this type of situation?
Another option I heard about was forming a "Limited Partnership". Our corp. could be the "general partner" owning only 1% and responsible for all debt, and myself and husband could be the "limited partners". So the name of the limited partnership would be on the deed. This too they say limits someone putting a lien on the property.
Which is better and more effective? Also, if someone was to sue a "trustee" if we did a land trust, could our property have a lien put on it even though the trustee really didn't own it and the debt wasn't ours?
Thanks and I hope it's the right forum since this is about a life estate.
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